JinkoSolar reported a 60% year-over-year increase in quarterly module shipments in the first quarter, with shipments to the Chinese market increasing by more than 2 times year-over-year.
According to the company’s latest update, the decline in polysilicon prices has stimulated the demand for modules, resulting in a 60% year-over-year increase in quarterly module shipments. The Chinese market, in particular, saw more than two times the year-over-year increase in module shipments.
Jinko Solar’s order book visibility for 2023 exceeded 60%, with overseas orders being the major contributor. In addition, the company reported that N-type module shipments in the first quarter were approximately 6GW, and N-type modules retained a competitive premium over P-type modules.
The mass production efficiency of N-type TOPCon cells reached 25.3%, a significant milestone for the company. Jinko Solar’s majority-owned principal operating subsidiary, Jiangxi Jinko, issued convertible bonds in the principal amount of RMB10 billion to support capacity expansion for advanced N-type.
Jinko Solar’s strong performance in the first quarter of 2023 is a testament to the company’s commitment to innovation and sustainability. As the demand for renewable energy continues to grow, Jinko Solar is well-positioned to meet the needs of customers worldwide.
JinkoSolar Holding Co., Ltd. has announced its operational and financial highlights for the first quarter of 2023. The company reported a quarterly shipment of 14,490 MW, which is down 12.8% sequentially but up 72.7% year-over-year. The total revenues were RMB23.33 billion (US$3.40 billion), down 22.2% sequentially but up 58.0% year-over-year.
Despite the decline in sequential shipments and revenues, JinkoSolar’s gross profit was RMB4.04 billion (US$588.4 million), which is down only 4.0% sequentially but up 81.5% year-over-year. The gross margin also increased to 17.3% from 14.0% in Q4 2022 and 15.1% in Q1 2022.
The net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders for Q1 2023 was RMB788.7 million (US$114.8 million), compared with RMB665.0 million in Q4 2022 and RMB28.9 million in Q1 2022. Furthermore, the adjusted net income attributable to JinkoSolar’s ordinary shareholders, which excludes the impact from a change in fair value of the convertible senior notes, a change in fair value of long-term investment, and the share-based compensation expenses, was RMB836.4 million (US$121.8 million). This is a significant improvement from the previous quarter’s RMB267.8 million and Q1 2022’s RMB328.4 million.
JinkoSolar’s basic and diluted earnings per ordinary share were RMB3.91 (US$0.57) and RMB3.74 (US$0.54), respectively. This translates into basic and diluted earnings per ADS of RMB15.62 (US$2.28) and RMB14.95 (US$2.18), respectively. Overall, JinkoSolar’s financials remain strong despite the decline in sequential shipments and revenues.
The company’s gross margin reached 17.3%, up from 15.1% in the same period in 2022, thanks to the effective management of supply chain costs and increased shipment of N-type products, which boast high efficiency and a strong global marketing network. However, demurrage costs in the US market put pressure on the company’s profitability, prompting proactive measures to improve customs clearance and shipment efficiency.
The global demand for photovoltaic (PV) continued to grow in the first quarter, with new installations of PV in China reaching 33.7 GWac, an increase of 154.8% year-over-year, and total overseas shipments of modules and cells reaching US$13.1 billion, up 15.3% year-over-year. JinkoSolar is optimistic about global market demand and opportunities for new technology in 2023, and plans to invest in research and development and advanced N-type capacity to enhance its competitiveness.
The company’s second phase of 11 GW TOPCon cell capacity in Jianshan has reached full production, with an average mass-produced efficiency of 182 mm N-type TOPCon cells reaching 25.3%. JinkoSolar is also improving its N-type ecological chain, enhancing its competitive advantages in wafer-cell-module supply chain management, core technologies, and process improvement.
JinkoSolar’s accumulated N-type module shipments have exceeded 16 GW, supporting hundreds of projects globally in the past year. In January 2023, the company launched the Second-Generation Tiger Neo panel family, which offers an efficiency of up to 23.23% for 72-cell modules. By the end of 2023, JinkoSolar expects its mass-produced N-type cell efficiency to reach 25.8%, further improving the performance of its N-type modules.
JinkoSolar is confident in its ability to increase its competitiveness and profitability in the global market, with its improved global industrial chain and cutting-edge N-type technology and products. The company expects its N-type cell capacity to account for over 70% of its solar cell capacity by the end of 2023, with N-type modules accounting for about 60% of total module shipments. JinkoSolar expects its module shipments to be in the range of 16.0 GW to 18.0 GW for the second quarter of 2023.
